Jushi Holdings Announces 220% YoY Spike In Q2 2021 Revenue, Updates Full Year 2021 Guidance

Vertically integrated cannabis company Jushi Holdings Inc. JUSH JUSHF announced its financial results on Wednesday for the second quarter of 2021, ahead of plans to open another BEYOND / HELLO shop in Philadelphia on August 31 - the 21st nationwide and 14th in Pennsylvania.

Jushi, based in Boca Raton, Florida, announced that total revenue increased 4.6% sequentially and 219.7% year-over-year, reaching $47.7 million in the quarter ended June 30.

"Our performance has been driven by our commitment to delivering a differentiated customer shopping experience both in-store and online, by bringing to market innovative and exciting new brands and products, and by leveraging cutting edge technologies and data analytics to improve customer engagement," Jim Cacioppo, the company's CEO, chairman, and founder, disclosed. "As we look out to the second half of the year, we plan on building on our recent successes and driving continuous improvement across all of our operating assets."

Q2 2021 Financial Highlights

Gross profit amounted to $21.9 million, an increase of 9.2% sequentially and 193.7% year-over-year.
Net income totaled $4.8 million, a $31.6 million sequential improvement.
Adjusted EBITDA came in positive at $4.6 million, accounting for 9.6% of revenue.
As of June 30, the company had $126.8 million on the balance sheet in cash and short-term investments.
Total assets amounted to $164.3 million, current liabilities totaled $60.2 million and net working capital was $104.1 million.

Q2 2021 Operational Highlights

Opened its 19th and 20th BEYOND/HELLO stores nationwide with its 12th and 13th store in Pennsylvania.
Completed the acquisition of 100% of the equity of Organic Solutions of Desert, LLC, an operational retail dispensary in Palm Springs, California.
Completed the acquisition of the 93,000 square feet facility and surrounding nine acres of land operated by its wholly-owned subsidiary and Virginia-based pharmaceutical processor, Dalitso LLC.
Signed a definitive agreement to acquire Nature's Remedy of Massachusetts, Inc., a vertically integrated, single-state operator in Massachusetts, operating two retail dispensaries and a 50,000 square foot cultivation and production facility.
Announced the appointments of Leonardo Garcia-Berg as chief operations officer and Marina Hahn to the board of directors
Launched the first phase of the expansion project at the Pennsylvania grower-processor facility.
Wrapped up the previously announced acquisition of an established Nevada operator.

"Assuming our Massachusetts acquisition closes late in the third quarter, we are revising our full-year 2021 revenue guidance range from $205 to $255 million to $220 to $230 million and our 2021 Adjusted EBITDA guidance range from approximately $40 to $50 million to $32 to $37 million," Cacioppo said.

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Cantor Fitzgerald Lowers Price Target On Jushi Holdings Cannabis Co. After It Pre-Announces Q2 2021 Financial Results, No Signs Of Slowing Down In IL And PA

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